# Table 4: Progressive Exclusion

| Step | N excluded | N_c | Z₁ | SE | p-val | Z₂ | p-val | R² |
|---|---|---|---|---|---|---|---|---|
| Full sample | 0 | 138 | 50.28*** | 14.47 | 0.0005 | -8.103*** | 0.0002 | 0.2712 |
| Excl CCA commodity (5) | 5 | 133 | 51.19*** | 14.57 | 0.0005 | -8.280*** | 0.0001 | 0.2761 |
| Excl CCA non-commodity (8) | 8 | 130 | 17.44 | 15.98 | 0.2751 | -2.658 | 0.2620 | 0.3163 |
| Excl all CCA (13) | 13 | 125 | 16.96 | 16.23 | 0.2960 | -2.620 | 0.2760 | 0.3236 |
| Excl CCA + Baltic (16) | 16 | 122 | 18.30 | 16.28 | 0.2610 | -2.808 | 0.2450 | 0.3321 |
| Excl all transition (29) | 27 | 111 | 16.67 | 16.91 | 0.3242 | -2.462 | 0.3277 | 0.3517 |